Spanish Telecom Giant Looks to Shore Up Market Leadership in Brazil

Spanish telecom giant Telefónica SA is offering €6.7 billion ($8.99 billion) in cash and shares for Vivendi SA's Brazilian operator, GVT, in a move to shore up its leadership in Latin America's largest market.

Telefónica said in a statementTuesday that if its bid is successful it plans to combine GVT with Vivo, its own Brazilian unit. Vivendi, a French company, said that, while "none of its subsidiaries are for sale," it...